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Beowulf: Almedalen/Kallak North Exploitation Concession

The information contained within this announcement is deemed toconstitute inside information as stipulated under the Market AbuseRegulations ("MAR") (EU) No. 596/2014. Upon the publication of thisannouncement, this inside information is now considered to be in thepublic domain.

For the purposes of MAR and Article 2 of Commission ImplementingRegulation (EU) 2016/1055, this announcement is being made on behalfof Kurt Budge, Chief Executive Officer.

Chief Executive Officer's ("CEO"), attendance at Almedalen during theweek of the 3 July 2017.

Almedalen takes place each year in Visby, Sweden, and provides aunique arena for Swedish decision-makers in politics, governmentagencies, business, and NGOs to meet, build relationships, discuss,and debate. The CEO also attended Almedalen in 2016.

At Almedalen, the CEO met with representatives of the Swedish miningindustry, politicians, and government agencies. During thesemeetings, the CEO detailed the chronology of the application processfor an Exploitation Concession for Kallak North, and presented thecase that the Company's application, and recent supplementarydocumentation, including a Heritage Impact Assessment, have more thansatisfied the requirements of the prescribed permitting process.

The CEO shared the Company's `big picture' vision of Jokkmokk'seconomic transformation, that could be delivered by a miningoperation at Kallak, and explained the Company's developmentphilosophy towards designing, engineering, and building a modern andsustainable mining operation.

The CEO talked of the political support in Jokkmokk and Norrbotten,and local business support for the Kallak project, the frustrationbeing felt by many with the permitting process, the Company's futureinvestment plans for Kallak, including a Scoping Study and furtherdrilling, as well as the value the Company places on forming strongpartnerships with stakeholders in Jokkmokk and Norrbotten, to takethe Kallak project forward.

Kurt Budge, CEO, commented:

"It was good to be back at Almedalen this year. It provides a uniqueopportunity to meet and speak with key decision makers. The Companyis committed to building a strong mining business in Sweden, and ourattendance at Almedalen is part of that.

"In meetings, I made sure that it is understood that the MiningInspectorate has now confirmed to the Government of Sweden that theKallak Environmental Impact Assessment ("EIA") is consistent, in thedetail provided, in meeting the requirements of the SupremeAdministrative Court's ("SAC") Norra Kärr judgement.

"With respect to Laponia, which was granted World Heritage Status in1996, I explained the guidelines for the establishment of itsboundary, which state that the protected area should typically be solargely defined that exploitations outside the area should not beable to have a significant influence on the core value of the WorldHeritage Status (Regeringens skrivelse 2001/02:171, Unescosvärldsarvskonvention ochre de svenska världsarvsobjekten).

"I made it clear, that since late 2014, the Swedish Minerals Act andthe Environmental Code have not changed, nor has our application,except for eliminating the Jelka-Rimakåbbå transport corridor fromfuture planning in November 2014, and Laponia has been in existencethroughout. Also, that in 2015, the County Administrative Board forNorrbotten supported our application and the Mining Inspectoraterecommended to the Government of Sweden that the ExploitationConcession be awarded, and now we have it confirmed by the MiningInspectorate that our EIA is consistent, in the detail provided, inmeeting the requirements of the SAC's Norra Kärr judgement.

The Company is in communication with the Government of Sweden, butwith the Swedish summer holidays upon us, we do not expect muchprogress on our application until the start of the new parliamentarysession in mid-September.

Statements and assumptions made in this document with respect to theCompany's current plans, estimates, strategies and beliefs, and otherstatements that are not historical facts, are forward-lookingstatements about the future performance of Beowulf. Forward-lookingstatements include, but are not limited to, those using words such as"may", "might", "seeks", "expects", "anticipates", "estimates","believes", "projects", "plans", strategy", "forecast" and similarexpressions. These statements reflect management's expectations andassumptions in light of currently available information. They aresubject to a number of risks and uncertainties, including, but notlimited to, (i) changes in the economic, regulatory and politicalenvironments in the countries where Beowulf operates; (ii) changesrelating to the geological information available in respect of thevarious projects undertaken; (iii) Beowulf's continued ability tosecure enough financing to carry on its operations as a goingconcern; (iv) the success of its potential joint ventures andalliances, if any; (v) metal prices, particularly as regards ironore. In the light of the many risks and uncertainties surrounding anymineral project at an early stage of its development, the actualresults could differ materially from those presented and forecast inthis document. Beowulf assumes no unconditional obligation toimmediately update any such statements and/or forecasts.